KuCoin Review 2022: Is it Safe & Legit?

KuCoin is considered to be one of the most popular cryptocurrency exchanges, & it is a simple and safe platform in the world. It is an easy-to-use trading platform for digital assets like Bitcoin, Ethereum, Litecoin, Ripple (XRP), etc. In addition, KuCoin is well-known for its spotlight IEO platform or token launch platform. Cryptocurrency lending is yet another unique feature of KuCoin exchange. Also, KuCoin users can access many features of the platform like purchase cryptos with a credit and debit card, staking rewards, swap crypto with zero-fees, and more.

Crypto lending enables users to lend crypto tokens to borrowers to earn interests. Soon after the first crypto token, many other cryptocurrencies forayed into the mainstream. These crypto-assets are responsible for the high volatility of the crypto market, making them ideal for speculative investments. Initially, the fiat currency exchanges did not support cryptocurrency trading. Thus, cryptocurrency exchanges came into existence, enabling crypto investors to buy and sell crypto tokens. KuCoin exchange is suitable for both experienced traders or beginners.

KuCoin Summary

Official Website https://www.kucoin.com/
Headquarters Seychelles
Found in 2017
Native Token Yes
Listed Cryptocurrencies 600+
Trading Pairs 1000+
Supported Fiat Currencies 50+
Supported Countries UK, US, Canada, Australia, Singapore, India, Russia, & more
Minimum Deposit No
Deposit Fees No
Transaction Fees For Spot
Maker Fee – 0.1% to -0.005%
Taker Fee – 0.1% to 0.025%
For Futures
Maker Fee – 0.02% to -0.015%
Taker Fee – 0.06% to 0.03%
Withdrawal Fees Depends on the currency involved
Application Yes
Customer Support 24/7

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After the inception of the first cryptocurrency exchange, many others followed—however, only a few global reaches. KuCoin Exchange is one such platform that offers more than crypto services (buy or sell cryptos); it also enables investors to lend cryptocurrencies for interests. As an end-to-end trading solutions provider, KuCoin is designed to make trading easy with many products like automated bots.

What Is KuCoin Exchange?

KuCoin is a crypto exchange headquartered in Seychelles. KuCoin cryptocurrency exchange’s service is not limited to buying and selling or exchanging crypto tokens for altcoins or fiat currencies. In addition, KuCoin’s crypto loan service for specific interest rates differs from the other crypto exchanges in the world.

KuCoin Review - KuCoin Platform InterfaceKuCoin Review – KuCoin Platform Interface

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The website is quite simple and easy to navigate. It is subdivided into various sections for easy signup, after which one can start trading. The collection of supported cryptocurrencies and fiat currencies is quite impressive. In addition, KuCoin offers multiple auto-trading and financial tools like trading bot and crypto lending, making it a preferred exchange for passive earnings.

As a crypto exchange with a worldwide reach, KuCoin is a convenient option accessible from most countries. Nevertheless, US citizens above the FBAR threshold must include it in FBAR filings as KuCoin is a non-US-based exchange.

KuCoin Review: Pros and Cons

Pros Cons
Over 600 cryptocurrencies are supported. Does not support trading of fiat pairs.
Multiple payment methods. Different trading pairs supported different markets.
Supports exchange of fiat-to-crypto and vice versa.
Easy to download mobile apps for android and iOS devices.
Availability of micro withdrawal wallets.
Comparatively low trading fee.

KuCoin SignUp Process

The KuCoin trading platform offers many services other than crypto trading like lending bitcoin, lending cryptocurrencies spotlight IEO, etc. If this is your first time in the crypto domain then the easiest way to trade by using this platform is first to create an account & then start trading. The different facets of the platform have their steps or protocols. For instance, the following are the steps involved in creating a trading account on the KuCoin platform, which is very simple and takes a few minutes to create an account with KuCoin.

KuCoin Review - SignUp Process of KuCoinKuCoin Review – SignUp Process of KuCoin

Step 1: Sign Up

Visitors can either sign up using a valid email address or phone number.

Step 2: Enter the Verification Code

Depending on the type of method chosen, a verification code is sent to the provided email ID or phone number.

Step 3: Set a Password

Once the provided code is entered in the allotted slot, the next step involves setting a password to complete the registration process. After registration, the user can start trading cryptocurrencies.

KuCoin Demo Trading Account

Cryptocurrency trading may be overwhelming even to the most advanced traders out there. But, what paves the way to profits is understanding the workings of the financial markets. While this requires individuals to have sound market knowledge in terms of the price movements, it also requires trading strategies and practice to succeed.

KuCoin Review - Explore the KuCoin Demo AccountKuCoin Review – Explore the KuCoin Demo Account

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Demo trading accounts are thus an easy solution to create trading strategies that work. It also helps new traders to get familiar with the markets. KuCoin offers a demo account for individuals who are new to trading.

KuCoin Advantages

KuCoin Review - Advantages of KuCoinKuCoin Review – Advantages of KuCoin

KuCoin is known as the top 1 altcoin exchange with supporting 600+ tradable assets. It also is described as the platform that enables users to make profits with a plethora of services and products. The site features safety measures and security elements that minimize the risks associated with trading digital assets. Right from the automated trading robots to advanced API solutions for better trading strategies, the platform features end-to-end trading solutions.

KuCoin Products & Services

As stated earlier in this KuCoin review, the platform offers a wide variety of products and services, from trading crypto-assets and derivatives to lending crypto tokens.

The products include:

  • Spot Trading
  • Margin Trading
  • Futures Contracts or derivatives ETF
  • KuCoin Earn (Staking Platform)
  • Spotlight (IEO Platform)
  • Crypto Lending
  • KuCoin Pool

The services include:

  • KuCoin P2P
  • KuCoin Trading Bot
  • Special privileges for API users
  • Buy cryptocurrency with fiat currency services

Spot Trading

Spot trading or instant trading allows users to buy/sell cryptocurrencies instantaneously for a spot exchange rate.

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KuCoin spot trading has a fixed trading fee of 0.1% for makers or takers which is the good reason to use KuCoin. Compared to exchanges like Binance, it is pretty low. The 30-day trade volume alongside KuCoin Token (KCS, the native token of KuCoin) holdings will reduce the trading fees.

How to Spot Trade Using KuCoin?

The steps involved are as follows;

  1. First, choose the ‘trading’ option under the ‘trade’ tab.

KuCoin Review - Tap to Spot Trading on KuCoin & ExploreKuCoin Review –  Tap to Spot Trading on KuCoin & Explore

  1. Upon clicking that option, the trading market opens. USDT, BTCS, ALTS, KuCoin shares KCS, etc., are significant opportunities in this section. One can also find different trading pairs in the other markets and the prices also may vary based on the market selected. For instance, when the trader wants to buy KCS using BTC, they must choose the BTC market and search for KCS utilizing the search tab.
  2. KuCoin exchange offers four order types: Limit Order, Market Order, Stop Limit Order, and Stop Market Order or Market Stop-Loss Order.

KuCoin Review - Choose the Order Type While Spot Trading at KuCoinKuCoin Review – Choose the Order Type While Spot Trading at KuCoin

Based on the user requirement, one can choose either of the above for trading.

Margin Trading

This service was introduced in November 2019. It enables traders to use the crypto coin of other users to acquire a higher capital amount for leverage positions. Cryptocurrency tokens typically used for this type of trading on KuCoin include KCS (KuCoin Token), BTC, ETH, etc.

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This KuCoin’s feature is ideal for both long and short trading positions where it offers up to 10x leverage.

KuCoin Leveraged Tokens

KuCoin Leveraged TokensKuCoin Leveraged Tokens

The risk factor associated with leveraged tokens is deficient as they never liquidate. Thus, irrespective of the price fluctuations or market uncertainty, the price of leveraged tokens never becomes zero. ETF offerings from KuCoin are simple to use and user-friendly, making them apt for new traders or beginners. All the traders must choose ETF types in bullish or bearish markets and trade them on the KuCoin platform.

KuCoin Futures Trading

KuCoin futures or contract trading service was previously known as KuMEX. This service allows users to buy/sell the assets’ future standard contracts. Simply put, the buyer places the order to purchase an asset for a specific price and time (future) while the seller must deliver the asset at the agreed-upon time and price.

KuCoin supports margin trading with up to 100x leverage. The significant advantage of this high leverage is that it enables the trader to trade contracts worth more than the trading funds in their account. Some of the popularly traded contracts include BTC and USDT.

It is usually of two types; Futures Lite and Futures Pro. As the name indicates, the former is for beginners, and the Pro version is for advanced traders or professionals.

KuCoin Review - KuCoin Futures TradingKuCoin Review – KuCoin Futures Trading

KuCoin’s Futures Lite enables USDT-margined bitcoin and ethereum contracts’ trade.

Futures Pro offers the following option;

USDT-margin Perpetual contracts of BTC, ETH, and other over 70 cryptocurrencies.

Coin-margin Perpetual contracts of BTC, ETH, DOT, and XRP. BTC Quarterly contracts.

KuCoin Earn

KuCoin Earn (previously named Pool-X) is a staking platform that allows users to earn money via staking Proof-of-stake cryptocurrencies like TOMO, ATOM, KCS (KuCoin Token), XTZ, IOST, TRX, ZRX, among others. KuCoin Earn offers highly flexible and diversified products, including Saving, Staking and Promotions, which helps users earn stable passive income.

Crypto Lending or Crypto Loans

As mentioned at the beginning of this KuCoin review, crypto lending are one of the unique features of the exchange platform. It allows crypto investors to loan their cryptocurrency tokens for a specific rate of interest.

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KuCoin Lend allows investors to loan digital tokens to other users for margin trading. The loan tenure ranges from 7 to 28 days where the lender can earn up to 12% annualized interest. Cryptocurrencies available for this service include USDT, ADA, TRX, ETC, ZEC, LTC, among others.

KuCoin P2P

KuCoin Peer-to-peer enables investors to move or exchange cryptocurrencies from their accounts to other users’ accounts without going through a broker or financial institution. Here, buyers and sellers rely on the digital transfer of the crypto and fiat currencies involved. Hence, it is also referred to as the instant exchange.

KuCoin Review - Explore the Services of KuCoin P2PKuCoin Review – Explore the Services of KuCoin P2P

Users can buy and sell crypto coins like BTC, ETH, LTC, etc. via KuCoin’s P2P marketplace. KuCoin is one of the few exchanges that support multiple payment options. It allows instant exchange where users can buy crypto using fiat currencies like USD, EUR, GBP, CAD, IDR, AUD, etc. Users can also choose different payment methods like PayPal, Transferwise, Bank transfer, etc.

KuCoin Trading Bot

Trading bots are an ideal means of earning passive income by minimizing losses. KuCoin mobile app offers five types of trading bots, Spot Grid, DCA, Futures Grid, Infinity Grid, and Smart Rebalance.

KuCoin Review - Take Out the Best From KuCoin Trading Bot ServiceKuCoin Review – Take Out the Best From KuCoin Trading Bot Service

Automated trading robots are extremely useful for earning a passive income regardless of the crypto asset traded via the exchange. KuCoin’s trading bots allow traders to employ five different types of trading strategies like classic grid, futures grid and DCA.

Classic grid is a simple trading strategy for profiting from market fluctuations via selling orders and buying positions. It involves buying orders when the price is down and selling them for a higher price. Traders can optimize the trading robot even when they do not have adequate market knowledge. KuCoin’s trading bots rely on AI and the classic grid version is ideal for beginners.

The way a Futures Grid Bot works is similar to a Spot Grid Bot, as both of them can earn passive income by buying low and selling high. But Futures Grid has two unique features that can help investors increase their profits.

Smart Rebalance can assist holders to further increase their returns. The core of this strategy is to increase the total amount of holdings while maintaining the pre-set portfolio percentage. Assuming that you want to allocate 40% of your fund to BTC, 30% to ETH and 30% to KCS, if you are simply holding, the portfolio will alter with the changing value of these tokens. The Smart Rebalance Bot will rebalance the percentage according to your expectations as once it deviates from the initial settings.

DCA bot or Dollar Cost Averaging is ideal for professional traders who buy cryptocurrencies daily as it employs repetitive strategy. All KuCoin bots perform technical analysis to minimize trading risks.

The infinity grid is designed to avoid “missing out” from the crypto pumping. Compared with Spot Grid Bot that place orders with a fixed number, Infinity Grid Bot place orders in percentages and there is no upper limit.

Buy Crypto With Fiat Currency Services

As indicated in this KuCoin review, the trading platform supports multiple payment methods for buying cryptocurrencies using fiat currencies like USD, EUR, AUD, CAD, GBP, etc. KuCoin has the lowest trading fees, even before the discounts and bonuses. If you want to buy or sell any cryptocurrencies you can by using this platform. KuCoin supports debit and credit card purchases via Visa, MasterCard, ApplePay, and SEPA. KuCoin Peer-to-peer exchange offers bank transfers along with 20 different payment options. There is also a fast buy option to receive cryptocurrencies instantaneously. Investors from around the world can purchase/buy cryptos with fiat currency. You can trade many different cryptocurrencies by using this platform with very low fees.

Buy Crypto With Fiat Currency at KuCoinBuy Crypto With Fiat Currency at KuCoin

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KuCoin Fees Overview

KuCoin exchange does not charge deposit fees for cryptocurrencies. However, standard bank charges apply in the case of fiat currency deposits. And, this is determined by the concerned bank or payment gateway. Withdrawal fees vary and depend on the cryptocurrency involved. For example; the withdrawal fee for Tether is 20 USDT while it is 1 ADA for Cardano.

Trading Fees

The trading fees vary as per the type of trading like spot or margin trading. It also depends on the funds held in the trader’s account. The standard trading fee also decreases based on the KSC holding for a 30-day trading volume. It is thus divided into various levels, which are as follows for spot and futures trading.

Spot Trading Fees

KuCoin has very low trading fees of 0.1%. An important point to note is that the fees decrease based on the 30-day trading volume of KCS holdings in the user account, which is as follows;

Tier Min. KCS holding (30 days) Maker/Taker fee
LV 0 0 0.1% / 0.1%
LV 1 1,000 0.09% / 0.1%
LV 2 10,000 0.07% / 0.09%
LV 3 20,000 0.05% / 0.08%
LV 4 30,000 0.03% / 0.07%
LV 5 40,000 0% / 0.07%
LV 6 50,000 0% / 0.06%
LV 7 60,000 0% / 0.05%
LV 8 70,000 -0.005% / 0.045%
LV 9 80,000 -0.005% / 0.04%
LV 10 90,000 -0.005% / 0.035%
LV 11 100,000 -0.005% / 0.030%
LV 12 150,000 -0.005% / 0.025%

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Futures Trading Fees

The USD/USDT lending rates for futures is adjustable as it could have positive or negative values. Funding for futures trades occurs once every 8 hours and the value is calculated accordingly.

Tier Min. KCS holding (30 days) Maker/Taker Fee
LV 0 0 0.02% / 0.06%
LV 1 1,000 0.02% / 0.06%
LV 2 10,000 0.015% / 0.06%
LV 3 20,000 0.01% / 0.05%
LV 4 30,000 0.01% / 0.04%
LV 5 40,000 0.01% / 0.04%
LV 6 50,000 0% / 0.038%
LV 7 60,000 0% / 0.035%
LV 8 70,000 -0.003% / 0.032%
LV 9 80,000 -0.006% / 0.03%
LV 10 90,000 -0.009% / 0.03%
LV 11 100,000 -0.012% / 0.03%
LV 12 150,000 -0.015% / 0.03%

However, there are no deposit fees taken by KuCoin, but withdrawal fees do vary for various currencies so you can check them here.

Supported Fiat Currencies

KuCoin supports the following fiat currencies; EUR, GBP, USD, RUB, AUD, JPY, TRY, KRW, CAD, IDR, VND, ZAR, HUF, ILS, NZD, SEK, CZK, CHF, PLN, NOK, INR, DKK, and more. Users can deposit and withdraw fiat currencies through various payment gateways ranging from P2P tradingOTC, Third-party like Simplex, etc.

Supported Cryptocurrencies

KuCoin is a leading cryptocurrency exchange that supports more than 600 cryptocurrencies and 1100 markets. These options include the most common cryptocurrencies to the most latest and rarely known digital currencies. As stated before, there is no deposit fee, however, the withdrawal fee is determined by the currency involved.

KuCoin Supported Languages

KuCoin web browser offers multiple languages right from English, Russian, Hindi, Portugues, among others. As a platform with worldwide access, the website is quite simple with easy navigation. However, based on customer reviews, new traders find trading on KuCoin a little complex due to its advanced features. Nevertheless, the site features tutorial sections in the support and FAQ sections making it easier to understand. KuCoin ensures to stay up to date with current market standards by updating latest currency pairs, etc. In fact, there are also provisions for registering new cryptocurrencies to include them in the trading pairs. KuCoin has 1100 different trading pairs. An example of a trading pair is BTC/ETH that means trading Bitcoin with Ethereum.

KuCoin Customer Support

KuCoin Review - Customer Support by KuCoinKuCoin Review – Customer Support by KuCoin

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Compared to its alternatives, KuCoin provides better customer service to its customers & it is available 24*7. The 24/7 live chat support or email support with quick response time is what makes KuCoin a busy exchange. Apart from the live online support, the site also features an online application form to raise user concerns. KuCoin also has a strong social media presence where customers can also reach the customer support team on platforms like Facebook, Twitter, LinkedIn, etc. The KuCoin team is always there to support its users.

KuCoin Security Level

KuCoin is a decentralized trading platform. While this feature is the very essence of transparency enhanced by blockchain technology, the security is further enhanced by different safety protocols. KuCoin offers 2-Factor Authentication to safeguard the user account. It further protects the traders’ personal information with advanced SSL encryption. KuCoin implemented many security features into its user interface. For withdrawing funds, fulfilling the KYC requirement is a must. And, it is strongly recommend to use KuCoin to complete the KYC verification.

KuCoin Review: Conclusion

KuCoin provides one of the best trading services with advanced trading tools and customized charts that are easy to use and interpret for both advanced traders and beginners. KuCoin is the top exchanges in the world. Hence, this makes KuCoin to be in the list of largest crypto exchanges. Although, it also features a myriad of services and products to cater the needs of a broad spectrum of traders and trading preferences. KuCoin offers low trading fees and supports over 1100 markets and 600 types of digital currencies. The customer service offered is better when compared to some of its alternatives. There is no deposit fee and the withdrawal fees vary based on the currency involved. KuCoin offers a KuCoin wallet for its users & users need to deposit funds into a KuCoin wallet before using the trading platform.

In this KuCoin review, we have tried to cover all the information that you need to know before you start trading. We have provided an in-depth analysis of the trading platform, the services, and products offered along with some of its other advantages and drawbacks. Apart from the KuCoin review, we have also covered or reviewed many trading platforms or other exchanges.

Our verdict is KuCoin is a simple browser and mobile app with advanced tools that make earning profits via cryptocurrency trading an easy endeavor. And, we also expect that in the coming months or years, KuCoin will come up with more features, services, & products for its users. KuCoin is a known name in the cryptocurrency industry.

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FAQs

Can US Citizens Use KuCoin?

Yes, US citizens can access KuCoin. However, they must file their FBAR if they fall above the FBAR threshold as KuCoin is not based in the US.

Does KuCoin Report to the IRS?

KuCoin allows cryptocurrency holders to file their taxes related to the profits made with one’s cryptocurrency holdings. Thus, depending on the trader’s country of residence, individuals can file their tax either with the IRS or its equivalent.

How Do I Deposit Money Into KuCoin?

Making deposits and withdrawals at KuCoin is quite simple. Users can either opt for credit card or debit card payment option or SEPA or Apple Pay to make a deposit. The KuCoin platform allows credit card purchases.

Can I Trust KuCoin?

KuCoin is a highly regulated platform and is a popular exchange at a global level. But, our question arises, is KuCoin safe? And the answer is it is completely safe and legal. The exchange platform enables users from most countries, however, traders must comply with the cryptocurrency laws pertaining to their respective jurisdiction before accessing the KuCoin website or KuCoin mobile app. For more information, one can also read the FAQ section of the website.

Does KuCoin Support BEP20?

KuCoin supports BEP20 tokens. When a user deposits BEP20 tokens, it gets credited to the user’s KuCoin account. For more information, read the terms and conditions section of KuCoin.

How Can I Withdraw Money From KuCoin to My Bank Account?

To withdraw money from one’s KuCoin account, it is imperative to the first login into their user account. Under the Assets tab, there is an Overview button, under which, users can find the withdraw option. The traders must choose the currency type they wish to withdraw.

Once this is done, the correct wallet address must be entered for receiving the digital currency. Lastly, account verification to confirm the withdrawal request in the form of either email verification or 2 Factor authentication. After verification, the funds requested are sent to the users’ cryptocurrency wallets.

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